StashAway Malaysia, a digital investment platform, announced that it surpassed RM1 billion in assets under management (AUM) in 2023. The company now manages funds for over 50,000 clients in Malaysia and has saved Malaysians over RM130 million in fees since it launched in 2018. StashAway, which is the country’s first robo-advisor to receive a Capital Markets Services License, charges fees ranging from 0.2% to 0.8% per year. This is reportedly significantly lower than traditional investment options such as unit trusts, which typically include a 5% upfront sales charge and a 2% annual management fee. These higher fees can impact long-term returns,…
Author: Fintech News Malaysia
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Boost has partnered with UOB Asset Management (Malaysia) to launch BoostMyMoney, a new feature on its e-wallet that allows users to invest in Shariah-compliant unit trust funds. This initiative aims to make investing more accessible to Malaysians, particularly young adults and those new to the world of investing. BoostMyMoney offers a low barrier to entry with a minimum investment of RM1 and no lock-in period. Users can potentially earn returns of up to 3.82% per annum. This figure is based on historical data up to September 2024 and may vary depending on market conditions and monthly fluctuations. The feature also…
Malaysian fintech firm Soft Space has been recognised as a “Leading Challenger” in Juniper Research’s latest Digital Wallet Report. The ranking reflects a notable improvement from the previous year, highlighting Soft Space’s efforts in innovation and the application of its products across multiple sectors. Juniper Research evaluated 17 global digital wallet providers based on factors such as functionality, market presence, and technological capabilities. Soft Space’s Digital Wallet and Card Issuance platform stood out for its features, particularly its collaboration with JCB to become the world’s first issuer of prepaid JCB Host Card Emulation (HCE). This technology enables smartphones to emulate…
Bank Negara Malaysia (BNM) will host an in-person session on 2 December 2024 (Monday), at 2:30 PM, at Sasana Kijang, to guide potential applicants for digital insurer and takaful operator (DITO) licenses. The session aims to clarify expectations and address queries ahead of the application period, which runs from 2 January 2025, to 31 December 2026. The initiative follows the release of the policy document on licensing and regulatory framework for Digital Insurers and Takaful Operators (DITO) in July 2024. Applicants are expected to present innovative business models that address consumer needs and close protection gaps, especially in underserved, digitally-focused…
pitchIN has introduced Malaysia’s first equity crowdfunding (ECF)-focused microfund campaign, the Spartan Elevation Fund. This was launched in partnership with Spartan Ives Capital, a venture capital firm registered with the Securities Commission Malaysia. Spartan Ives Capital manages RM275 million in assets under management (AUM). The Spartan Elevation Fund enables angel and sophisticated investors to participate in venture capital investments with lower capital requirements than traditional VC funds, which often mandate a minimum investment of RM250,000. The fund focuses on supporting local businesses listed on the pitchIN platform while retaining the flexibility to explore other investment opportunities. Its approach combines targeted investment…
In 2023, Malaysia’s first digital bank, GXBank was born as a result of a joint venture between Grab & Singtel’s GXS Group and Malaysian conglomerate Kuok Group. Pei Si Lai, CEO, GXBank shares with Fintech News Network’s Vincent Fong the trials and tribulations of building a bank from scratch This episode of Banking After Hours is brought to you by AWS and is part of a series highlighting Malaysia’s top women leaders in banking. This interview is also available on Spotify: Listen here Apple Podcast: Listen here
TNG eWallet users can now save more and earn higher returns as the GO+ savings limit has been increased from RM9,500 to RM20,000. This update from TNG Digital, the company behind the e-wallet, allows users to maximise their daily earnings through this low-risk investment option. GO+ was the first financial product introduced within the TNG eWallet, launched in 2021 through a partnership with Principal Asset Management. It’s a Shariah-compliant Money Market Fund that invests in short-term bank deposits with leading banks, to ensure professional management of funds. While GO+ offers an average daily return of 3.4% per annum as of…
Maybank is reportedly exploring a potential buyout of Ageas SA’s 31% minority stake in Etiqa, according to Bloomberg. The bank already holds a 69% stake in the insurer. Sources familiar with the discussions noted that Maybank is weighing other strategic alternatives. This includes replacing Ageas with a new partner or renegotiating agreements tied to bancassurance to expand the insurer’s product distribution network. If a transaction is pursued, Etiqa could be valued at around US$4 billion. Discussions are still in early stages, and Maybank has not made any final decisions. The bank may also choose to hold off on any significant…
Malaysian insurtech firm PolicyStreet has received the Financial Inclusivity Award at the Singapore Fintech Festival (SFF) 2024. It was the only Malaysian company among eight winners selected from over 200 submissions across the region. The award, endorsed by the Monetary Authority of Singapore (MAS) and supported by PwC Singapore and the Singapore Fintech Association (SFA), highlights innovative financial solutions that improve access to services for underserved communities. Now in its ninth year, the Fintech Excellence Awards at SFF include six corporate categories and three individual mentor awards. PolicyStreet was recognised for its insurance solutions designed for gig workers, small businesses,…
Bank Rakyat has announced the appointment of Ahmad Shahril Mohd Shariff as acting CEO, effective 9 November 2024. Ahmad Shahril, previously the bank’s deputy CEO overseeing business operations, steps into the role following the departure of Datuk Dr Mohammad Hanis Osman, who is leaving after 15 years at the Islamic cooperative bank to explore new opportunities. The bank shared that Ahmad Shahril’s appointment ensures continuity in leadership and seamless operations as it works toward achieving its strategic goals. Bank Rakyat also noted that it is in the process of formulating a succession plan to permanently fill the CEO position, with…
Cross-border payment hub Tranglo has expanded its services into the Gulf Cooperation Council (GCC) region by launching in Oman, Qatar, and Bahrain. This move aims to address the rising need for efficient remittance services in the GCC region, a major player in the global remittance market. With this expansion, Tranglo’s payment solutions will be available to over 31 million migrant workers, mainly from South and Southeast Asia, who rely heavily on remittances to support their families. Tranglo’s new services include a cash pick-up option, allowing near-instant collection in Omani Rial (OMR), Qatari Riyal (QAR), and Bahraini Dinar (BHD). This option…
Unifi Business and TNG Digital, the operator of TNG eWallet, have teamed up to promote 5G adoption and improve digital payment options for over one million MSMEs across Malaysia. The partnership combines Unifi’s UNI5G Postpaid Biz plans with TNG eWallet Soundbox, offering small businesses better access to fast 5G internet and secure, cashless payment systems. These packages are available at Unifi stores and through in-app media. As part of the collaboration, MSMEs can subscribe to Unifi Business Fibre 300Mbps with a UNI5G Postpaid Biz 65 plan for RM199 per month. Free 5G-enabled device bundles start at RM49 per month. Merchants…
Malaysian digital bank GXBank has launched its TeXnovasi Accelerator Programme to mark its first anniversary. TeXnovasi was organised in collaboration with Grab, Cradle, and MyStartup, and led by 1337 Ventures. The six-month programme is designed to support pre-seed and seed-stage startups in Malaysia focused on digital banking and financial solutions. It aims to help early-stage businesses refine and scale their ideas while driving innovation in digital banking. Startups in the accelerator will address challenges in financial inclusion, SME financial services, digital security, and customer experience innovation. The programme offers personalised mentorship from industry experts, including leaders from GXBank and Grab,…
TNG Digital, the operator of TNG eWallet, has joined forces with solar energy provider TERA to make green energy solutions more accessible and affordable for Malaysians. This partnership will allow users to explore and purchase home solar solutions through the TNG eWallet app, making it easier to adopt renewable energy. By installing solar panels, homeowners can generate clean energy, reduce their carbon footprint, and significantly lower their electricity bills. Homeowners could save up to 99% on electricity bills, with a return on investment estimated at around 4.5 years. TERA, a registered and certified solar provider with over a decade of…
Malaysian digital bank GXBank has adjusted its GX Card benefits, reducing the cashback on domestic spending from 1% to 0.1%, though it retains a 1% cashback rate on overseas retail transactions. GX Cardholders can also earn 1.5x GrabRewards when shopping at Jaya Grocer outlets. Additionally, GXBank continues to waive the RM1 MEPS ATM fee at over 10,000 locations nationwide, with zero markups on exchange rates, no hidden fees for overseas transactions, and no issuer fees for ATM cash withdrawals. Additionally, the card remains fee-free, with no annual fees or issuance charges for new GX Cards. These updated benefits are available…
The Association of Banks in Malaysia (ABM) has announced that GXBank and Boost Bank have joined as new members. GXBank was the first digital bank to launch in Malaysia and now has close to 1 million users who have made more than 24 million transactions and set up more than 900,000 Savings Pockets. To celebrate its first year anniversary on 5 November 2024, GXBank unveiled a 2.0 version that offered expanded offerings including loans for retail users and MSMEs. The digital bank also announced launch of launch of TeXnovasi, a collaborative programme to strengthen Malaysia’s tech startup ecosystem. GXBank has…
Malaysia’s first digital bank, GXBank, celebrated its first anniversary by unveiling ‘GX 2.0 – Next Starts Now’, a new phase in its service expansion aimed at empowering retail users and MSMEs. This milestone introduces GX FlexiCredit and GX Biz Banking, designed to provide enhanced financial support. It also includes the launch of TeXnovasi, a collaborative programme to strengthen Malaysia’s tech startup ecosystem. GX FlexiCredit will be rolled out starting November 2024, offering eligible Malaysians credit approval of up to RM150,000 within minutes, along with immediate disbursement options. Interest is only charged on the amount drawn, and customers can make early…
Malaysia is facing escalating AI-driven fraud attempts, driven by the surge in deepfakes. Natalia Fritzen, AI Policy and Compliance Specialist at Sumsub, an identity verification and anti-fraud firm, told Fintech News Malaysia that her company observed a staggering 108% increase in Malaysia’s fraud rates between 2022 and 2023, with deepfakes soaring by 1,000% during the period. “The number and quality of deepfakes is increasing and evolving daily worldwide,” Fritzen warned. “Even with the most progressive technology, it’s getting much harder to differentiate between a deepfake and reality.” Using AI to combat AI Fritzen discussed these issues during her presentation at…
Maybank has appointed Giorgio Migliarina as Group Chief Technology and Digital Officer to be effective 1 Nov 2024. With the appointment, Giorgio will be responsible for both technology and digital functions of the group. With more than 28 years of experience in the telecommunications and high technology sectors, Giorgio held key leadership roles in Olivetti/Infostrada Italy, Telekom Malaysia, Vodafone UK & Italy, McKinsey & Co UK & China and Accenture Singapore. Giorgio will report to the President & Group Chief Executive Officer (PGCEO) of Maybank and become a member of the Group Executive Committee. He will be succeeding Mohd Suhail…
Back in 2022, the Malaysia Digital Economy Corporation (MDEC) introduced the Malaysia Digital (MD) national strategic initiative to encourage and attract companies, talents and investment while enabling Malaysian businesses and people to play a leading part in the global digital revolution and digital economy. As a result of MDEC’s support, several business facilitation programmes such as Gateway, Amplify, Invest, Nurture (GAIN) and Founders Centre of Excellence (FOX) have helped whittle down the prospective high growth scaleup tech icons to a select few. GAIN covers capability building and enhancement programmes for qualified tech founders looking to accelerate their growth. As of…